📊 The Bitcoin Fear and Greed Index remains high at 74, suggesting early stages of greed. Despite recent losses, some investors see BTC as a good buy at current levels. However, cautious optimism is advised as the market could see further sell-offs.
🔍 Over the past 7 days, Bitcoin has declined by 2.5%, adding to a 4.5% drop over the past two weeks. Support at $65,000 is crucial for a bullish outlook, potentially pushing BTC to $70,000.
📉 Analysts note that retail investors have not yet significantly impacted the market. Long-term holders provide a solid price base, but Bitcoin needs to breach key resistance levels at $68,000 and $70,000 for a bullish trend.
📈 Bitcoin is in a falling wedge pattern, indicating potential short-term recovery if $65,000 support holds. The RSI is at 40, suggesting a selling bias. If selling continues, BTC may drop to $63,000 or $60,000. Bulls face resistance at $68,000 and $70,000 before targeting new highs.
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